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Last Update: 11-Apr-13 12:01 ET
Technology (XLK -0.4%) trading lower today, trailing the broader market
The tech sector is trading lower today, trailing gains in the broader market. Semiconductors are showing modest weakness with the SOX trading 0.1% lower. Within the chip index, WFR (+4.2%) is a notable standout. Among other major indices, the SPY is trading 0.5% higher today, while the QQQ is down 0.05% and the NASDAQ is trading 0.1% higher on the session. Among tech bellwethers, FB (+1.5%) is showing notable strength, while MSFT (-4.8%) is under pressure. In tech earnings, FTNT (-16.5%) lowered its Q1 guidance last night. FIRE (-3.2%) and PANW (-1.4%) are under pressure in sympathy. This morning, IGTE (-0.4%) posted a Q1 beat. In news, IDC reported that PC shipments dropped precipitously during Q1. PC related names under pressure today include MSFT (-4.8%), HPQ (-6.1%), DELL (-0.5%), NVDA (-2.1%), and INTC (-2.8%). Among rumors, DTEGY (+2.8%) made a 'best and final offer' for PCS (-0.2%), according to reports. Among notable analyst upgrades this morning in the tech space, ADBE (+0.7%) was upgraded to Neutral at Goldman, LCRX (+2.7%) was upgraded to Outperform at Cowen, and SLAB (+4.2%) was upgraded to Overweight at Barclays. Also, NCR (+1.1%) was added to Focus List at JPMorgan. Among downgrades, FTNT (-16.5%) was downgraded at a host of firms, MSFT (-4.8%) was downgraded at Goldman, Hilliard Lyons, and Nomura, BRCM (-1.5%) was downgraded to Underweight at Barclays and LNVGY (-7.4%) was downgraded to Sell at Citigroup. Also there was cautious commentary on BBRY (-4.2%) from a couple firms this morning. There are no notable names in tech scheduled to report quarterly results today after the close.
